Why This Crypto Is Different From All the Others
When ApeCoin (CRYPTO: APE) started trading in March, it was clearly a very different type of cryptocurrency. Talking about ApeCoin is impossible without also talking about the Bored Ape Yacht Club, arguably the most iconic and recognizable non-fungible token (NFT) collection of all time. ApeCoin is the official governance token of the rapidly expanding Bored Ape ecosystem, so by buying and holding this crypto, you are at least indirectly participating in the upside potential of the Bored Ape Yacht Club.
Until 2022, access to the Bored Ape Yacht Club was limited only to celebrities and wealthy individuals. Bored Apes routinely sold for upward of $300,000, and the media was filled with stories about rock stars, movie stars, and millionaires trying to scoop up highly desirable Bored Ape NFTs. ApeCoin was specifically created to tap into all of this excitement surrounding an entirely new type of digital asset. However, this close affiliation with Bored Ape Yacht Club is just the start of what makes ApeCoin so different from all the other cryptocurrencies.
The creators of the Bored Apes have constantly found new ways to expand on the NFT concept. For example, the Bored Ape NFT collection was one of the first to explore the idea of "utility" NFTs. In layperson's terms, a "utility" NFT is more than just a funky digital image: It includes perks, such as the ability to participate in VIP events. By investing in a high-end NFT, you are essentially getting a digital VIP card to an exclusive private club.
Source Fool.com
